Janus to Lose Big Client
When Skandia Pulls Out

By

Aaron Lucchetti and

Bridget O'Brian Staff Reporters of The Wall Street Journal

Updated Sept. 27, 2002 12:01 a.m. ET

Janus Capital Management LLC, the once-dominating mutual-fund firm that has suffered staggering investment losses and customer withdrawals since the technology bubble burst, is about to lose a $2.5 billion account of one of its biggest customers.

American Skandia Inc., a large seller of variable annuities and mutual funds operated by other firms, has decided to transfer all its customer money overseen by Janus to other fund managers...